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Real Estate Briefing 04.Dec 2012

Posted on 04 December 2012 by Laxman |  Email |Print

Canada’s finance minister is taking credit for the recent cooling in the hot housing market, saying a slowdown now is better than a crash later. Jim Flaherty was reacting to the sudden loss of momentum in the Canadian economy and the role housing, with the sector contracting 3.5 per cent annualized in the third quarter, is playing.
The government moved for the fourth time in as many years to tighten mortgage availability in July, resulting in a sharp reduction in housing activity, resales and even lower prices in some markets………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Those feeling nostalgic for the boom before 2007 will have been heartened this week by headlines about Lehman Brothers selling a portfolio of American apartments for $6.5 billion. Lehman Brothers? No, the investment bank felled by the mortgage miasma is not rising from the dead: its administrators are merely flogging its remaining assets to repay creditors.
But the sale shows that American housing, once so toxic it made the global economy choke, is once again attractive to investors. Hedge funds and private-equity firms, so often the villains, may be helping a housing revival………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing. The Commerce Department said Monday that construction spending rose 1.4 percent in October. It was the largest gain since a 1.7 percent increase in May.
The increase raised spending to a seasonally adjusted annual rate of $872.1 billion. That is nearly 17 percent higher than a 12-year low hit in February 2011………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

After nearly six years of deflating home prices, the housing market is finally, firmly on the path to recovery. For the year ended September 30, home prices nationwide rose by 4.9%, and the median price for existing homes jumped by almost $14,000, to $185,000, according to Clear Capital, a provider of real estate data and analysis.
Buyers turned out in greater numbers in 2012, driven by affordable homes and historically low mortgage rates. Strict guidelines for getting a mortgage, however, continue to hinder the ability of some would-be buyers to close the deal………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Home prices are expected to rise a modest 1% from the fourth quarter of this year to the end of 2013, according to the real estate research firm Fiserv. David Stiff, Fiserv’s chief economist, notes that after some choppiness early on, prices should increase 3.4% from the second quarter of 2013 to the second quarter of 2014. In hotter regions out West, you can expect bigger gains.
“Housing is finally turning the corner,” Stiff says. “There is no reason to be fearful of further large price declines.”……………………………………….Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Lower-priced homes, which fell the most in price during the housing bust, are showing more zip as the housing market strengthens. In the 12 months through October, the nation’s least expensive homes have seen prices rise 10%, vs. 7.6% for the most expensive homes, market researcher CoreLogic says.
“The lower you go, the better the performance,” says Mark Fleming, CoreLogic’s chief economist. Other real estate research points to strengthening at the low end, too………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

More than 70 per cent of the European commercial property loans that were at the heart of securitisation deals structured before the subprime crisis and that reached maturity this year have not been repaid.
Fresh figures from Fitch Ratings point to the continued difficulties facing issuers and investors involved in European commercial mortgage-backed securities deals that were structured in the securitisation boom between 2004 and 2006………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Retired homeowners have total property wealth owned outright of £756.36 billion, according to research from independent equity release adviser Key Retirement Solutions. But over-65 homeowners in London, the South East and East of England are pulling away from the rest of the country, Key Retirement Solutions’ Pensioner Property Equity Index found.
Across the country homeowners aged 65-plus lost a total of £368.9million in the past three months - equivalent to around £80 each - as the housing market stabilised, Key Retirement Solutions’ Pensioner Property Equity Index shows………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

To say that the UK commercial property market has fluctuated widely over recent years would be something of an understatement. Back in the middle of 2006, annual returns exceeded 20 per cent before plummeting to -26.5 per cent at the market trough in May 2009. But capital values subsequently rose sharply and annual total returns peaked at over 24 per cent in July 2010.
Since then, performance has moderated, with returns running at around 3 per cent a year at the end of October 2012, as income more than off-sets modest falls in capital values. But what can investors expect now?……………………………………….Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Greater London saw its first house price fall in a year in November, new data has revealed this morning. This came as forecasts, also published today, saw the UK housing market taking another two years to recover to its pre-crisis peak, before staying stuck in the so-called new normal of weaker house price growth for a decade.
House prices fell 0.2 per cent across Greater London in November, Hometrack said, faster than the 0.1 per cent national fall. And the housing dynamo of central London was behind this decline, the property analytics firm showed………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

As the end of 2012 approaches buyers and sellers are looking to industry leaders to predict what is to happen in the residential property market in 2013. At present market analysts from both ABSA and FNB predict more of the same; the same stability, the same low growth rates.
There are a number of factors that explain why this prediction is most likely correct, many of them are obvious, some not so much. The first culprit to come to mind is the economy – both local and international – due to the current economic downturn businesses and the prices of commodities like food and fuel have been affected around the globe. As such there are fewer jobs, more insecurities and higher prices on consumables, none of which bodes well for the residential property market………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

The Saudi housing market continues to expand on the back of high population growth and increasing availability of financing alternatives. Other key determinants include the increasing Kingdom’s GDP (gross domestic product), growing Saudi labor force and rising personal income, which all have a direct impact on the housing market.
This trend will continue as the Saudi economy is expected to grow by 3.9 percent through 2012, according to a report by the National Commercial Bank ( NCB ) received………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Dubai is back to its old tricks. More proof came in October, when a local firm unveiled plans for a replica of the Taj Mahal, five times bigger than the original, and housing a 300-room hotel. Research from Citi says that over the past year the emirate has launched or relaunched developments worth at least $11 billion.
These include a new reclaimed island, lagoons, lakes and more canals, the UAE’s biggest hotel complex, and a new, 1,100-seat theatre. Property transactions are not yet at pre-2008 levels, but are heading that way. According to CBRE, Dubai property has seen some of the most dramatic price rises in the world this year. Prices of mid-range apartments and villas are up around 20%………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

The local real estate sector continues to send out mixed messages. While Kuwait’s residential segment is clearly on the rise, other components of the market are struggling to rebound from the downturn in the property market in 2009 and, more recently, domestic political concerns.
In its mid-November briefing on the economy, the National Bank of Kuwait (NBK) said there had been a slight easing in the property market in September. Residential sales were down 1.7% year-on–year (y-o-y), though the bank said at least some of this decrease was due to seasonal effects, with the residential property turnover usually slower immediately after Ramadan………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

2012 was a sluggish year in terms of economic growth, largely because of high interest rates and poor industrial production. Indeed, the index of industrial production rose by just 0.4% in April-August 2012, as compared to 5.6% in the same period of 2011.
Manufacturing activity, which contributes significantly to India’s GDP, also took a big hit in 2012. Inflation remained high, impacting sentiments and investor interest across businesses - including real estate………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Housing finance penetration has remained stagnant over the past five years according to a report by ratings firms Icra. The penetration levels are far lower than those in developing economies.
“Housing Finance penetration in India increased from 4.5% as on Mar-04 to 7% as on Mar-07, however has remained at these levels over the last 5 years. This figure is however significantly lower than the penetration rates in developed countries” the Icra report said………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Home prices in major Chinese cities rose for a sixth consecutive month in November, further evidence that the nation’s housing market is regaining its health. The gains accelerated from October but analysts said they remained tolerable to Chinese policy makers who have fought for nearly three years to keep prices in check.
Those policy makers face a difficult challenge. They are trying to support economic growth while preventing a sharper rebound in home prices that could threaten social stability………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Soaring property prices have diminished Hong Kong’s allure as one of Asia’s top investment destinations, according to a survey. The yearly survey, titled Emerging Trends in Real Estate-Asia-Pacific 2013, covers 22 Asia- Pacific cities and was conducted by PricewaterhouseCoopers and the Urban Land Institute from September to October.
The survey tries to assess each city’s investment prospects in the real estate industry in the coming year. Hong Kong ranks 11th for 2013, behind Shanghai and Singapore which take the second and third spots respectively. Jakarta tops the list. About 400 property industry professionals from the Asia-Pacific region were interviewed………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Property developers in Singapore expect land prices for private homes to continue to increase adding to other problems including increasing development costs and rising unsold units.
Private homes in Singapore can no longer be called “mass market” developments and developers have no choice but to participate in the highly competitive land bids, Wong Heang Fine, the president of the Real Estate Developers’ Association of Singapore (REDAS), said………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

South Korea’s housing market was feared to enter a long-term recession period as seen in Japan and the United States due to structural problems such as aging population, retiring baby boomers and low growth trend.
The Ministry of Strategy and Finance said in a report on Monday that slower growth of the country’s population and households weakened real demand for housing as places of residence, cautioning that retiring baby boomers were expected to sell large-sized homes, boosting oversupply in the local real estate market………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

Sentiment continues to rise as good times in the Philippine property market are into the four-year mark. According to Marisa Del Mar, president of the National Real Estate Association, the Philippine real estate industry is still surging, with the growth trend still on the upswing.
“The Philippines’ economic growth, stable political environment, rising investments, strong inflow of remittances from overseas workers, as well as the continuing growing number of BPO companies, are among the factors that have sustained the growth of the property sector………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

The media focus has been on vacant single-family homes, the number of which is on the increase because so many owners die without heirs who are willing to assume the title. If such houses aren’t put up for sale they become firetraps and eyesores, so local governments want them torn down.
But these houses account for a small percentage of vacant residences. The largest portion by far, almost 55 percent, is made up of rental properties, mostly apartments………………………………………..Full Article: Source

Posted on 04 December 2012 by Laxman |  Email |Print

The prices of Brisbane apartments increased by 2.3% over November to a median of $360,000, in contrast to a flat capital city housing market, according to the latest monthly update by RP Data-Rismark.
The gain over November means that Brisbane unit prices are now down just 0.8% year-on-year, delivering investors a total year-on-year return of 4.9%. Brisbane unit investors are getting the second best rental return (alongside investors in Canberra units) across the eight capital cities, with a yield of 5.5%, with only Darwin higher at 6.6%………………………………………..Full Article: Source

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